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The european economy since 1945 : coordinated capitalism and beyond / Barry Eichengreen

Main Author Eichengreen, Barry J., 1952- Country Estados Unidos. Publication Princeton : Princeton University Press, cop. 2007 Description XX, 495 p. ; 24 cm Series The Princeton economic history of the Western world ISBN 0-691-12710-7
978-0-691-12710-1
CDU 338(4)"19"
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Item type Current location Call number Status Date due Barcode Item holds Course reserves
Monografia Biblioteca Geral da Universidade do Minho
BGUM 338(4)"19" - E Available 370827

Licenciatura em Economia História Económica 2º semestre

Mestrado em Economia Social Tópicos de História Económica 1º semestre

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Enhanced descriptions from Syndetics:

In 1945, many Europeans still heated with coal, cooled their food with ice, and lacked indoor plumbing. Today, things could hardly be more different. Over the second half of the twentieth century, the average European's buying power tripled, while working hours fell by a third. The European Economy since 1945 is a broad, accessible, forthright account of the extraordinary development of Europe's economy since the end of World War II. Barry Eichengreen argues that the continent's history has been critical to its economic performance, and that it will continue to be so going forward.


Challenging standard views that basic economic forces were behind postwar Europe's success, Eichengreen shows how Western Europe in particular inherited a set of institutions singularly well suited to the economic circumstances that reigned for almost three decades. Economic growth was facilitated by solidarity-centered trade unions, cohesive employers' associations, and growth-minded governments--all legacies of Europe's earlier history. For example, these institutions worked together to mobilize savings, finance investment, and stabilize wages.


However, this inheritance of economic and social institutions that was the solution until around 1973--when Europe had to switch from growth based on brute-force investment and the acquisition of known technologies to growth based on increased efficiency and innovation--then became the problem.


Thus, the key questions for the future are whether Europe and its constituent nations can now adapt their institutions to the needs of a globalized knowledge economy, and whether in doing so, the continent's distinctive history will be an obstacle or an asset.

Table of contents provided by Syndetics

  • List Of Figures
  • List Of Tables (p. ix)
  • Preface (p. xi)
  • List Of Abbreviations (p. xv)
  • Chapter One
  • Introduction (p. 1)
  • Chapter Two
  • Mainsprings of Growth (p. 15)
  • Probing Deeper (p. 20)
  • Institutional Foundations of the Golden Age (p. 31)
  • Institutions and History (p. 40)
  • The End of the Golden Age (p. 47)
  • Chapter Three
  • The Postwar Situation (p. 52)
  • Reconstruction (p. 54)
  • The Transition to Sustained Growth (p. 59)
  • Normalization and the Political Economy of the Marshall Plan (p. 64)
  • German Economic and Monetary Reform (p. 70)
  • Obstacles to Integration (p. 73)
  • The 1949 Devaluations (p. 77)
  • The European Payments Union (p. 79)
  • Chapter Four
  • Dawn of the Golden Age (p. 86)
  • Understanding Growth in the 1950s (p. 89)
  • Germany as Pacesetter (p. 93)
  • Next in Line (p. 97)
  • The Laggards (p. 118)
  • Toward the Golden Age (p. 129)
  • Chapter Five
  • Eastern Europe and the Planned Economy (p. 131)
  • The Strategy of Central Planning (p. 133)
  • Problems of Central Planning (p. 142)
  • Partial Reforms (p. 146)
  • Planning Innovation (p. 154)
  • Regional Integration (p. 155)
  • The End of Reform (p. 160)
  • Chapter Six
  • The Integration of Western Europe (p. 163)
  • Initial Steps (p. 167)
  • EFTA and the British Dilemma (p. 176)
  • Economic Effects (p. 178)
  • The Common Agricultural Policy (p. 182)
  • The Luxembourg Compromise (p. 185)
  • Inklings of Monetary Integration (p. 187)
  • The Common Market as an Established Fact (p. 195)
  • Chapter Seven
  • The Apex of the Golden Age (p. 198)
  • The Heyday of Extensive Growth (p. 199)
  • The Incorporation of the European Periphery (p. 204)
  • Wage Explosion and Labor Conflict (p. 216)
  • The End of the Golden Age (p. 223)
  • Chapter Eight
  • Mounting Payments Problems (p. 225)
  • Italy's Crisis (p. 226)
  • Britain's Problems (p. 229)
  • The French Crisis and the German Response (p. 238)
  • The Collapse of Bretton Woods (p. 242)
  • The European Response (p. 246)
  • Chapter Nine
  • Declining Growth, Rising Rigidities (p. 252)
  • The Productivity Slowdown (p. 253)
  • Innovation (p. 257)
  • Unemployment (p. 263)
  • Stabilization in Britain (p. 277)
  • The EMS Initiative (p. 282)
  • The EMS in Operation (p. 286)
  • The Legacy (p. 290)
  • Chapter Ten
  • The Collapse of Central Planning (p. 294)
  • The Survival of Central Planning (p. 296)
  • The Collapse of Communism (p. 301)
  • Recession and Adjustment (p. 303)
  • Dilemmas of Transition (p. 308)
  • Economic Response (p. 310)
  • German Reunification (p. 318)
  • Normalization and Integration (p. 328)
  • Chapter Eleven
  • Integration and Adjustment (p. 335)
  • The Single Market (p. 336)
  • Integration in Practice (p. 341)
  • From the Delors Report to the Maastricht Treaty (p. 346)
  • The EMS Crisis (p. 357)
  • The Transition to Monetary Union (p. 366)
  • EMU and Its Implications (p. 370)
  • Adjustment and Growth (p. 377)
  • Chapter Twelve
  • Europe at the Turn of the Twenty-first Century (p. 379)
  • Employment and Growth (p. 381)
  • Reducing Unemployment (p. 388)
  • Implications for European Unemployment (p. 393)
  • Productivity Growth (p. 398)
  • Eastern European Prospects and Western European Implications (p. 406)
  • Economic Prospects (p. 412)
  • Chapter Thirteen
  • The Future of the European Model (p. 414)
  • Battle of the Systems (p. 419)
  • The Shadow of History (p. 423)
  • Appendix: Sources of Growth (p. 427)
  • References (p. 433)
  • Index (p. 461)

Reviews provided by Syndetics

CHOICE Review

This comprehensive, well-written account of developments in Europe since 1945 contrasts the experience of Western Europe in the buildup of the EU with the experiences of the Eastern European states that originally followed the Soviet central planning model. Both regions enjoyed high rates of economic growth in the early postwar years as governments led reconstruction efforts and guided investment into heavy industry. Eichengreen (Univ. of California, Berkeley) describes this as "extensive growth," involving a bargain between capital and labor to make better use of previously available technology. Marshall Plan funding supported this growth in the West, while the Soviet Union provided cheap energy for the Eastern bloc. All went well until diminishing returns set in, growth slowed, and unemployment grew. Western Europe moved toward economic integration, accepting free market operations to promote "intensive growth" based on new technology and more efficient use of resources. In the East, economic failures brought on political unrest, leading to government change and the end of central planning. Many Eastern states have now joined the EU and made economic progress. Ambitions are high, but the author questions whether Europe can maintain its traditional communitarian ideals as global competition intensifies. Useful notes and bibliography. ^BSumming Up: Recommended. General readers; academic audiences, upper-division undergraduate through faculty. G. T. Potter emeritus, Ramapo College of New Jersey

Author notes provided by Syndetics

Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley

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